Extension Allows More Homeowners to Keep their Homes

May 9, 2013 at 11:51 am Leave a comment

The Federal Housing Finance Agency (FHFA) has approved the extension of the Home Affordable Refinance Program (HARP) to Dec. 31 2015 from Dec. 31, 2013. This decision will enable homeowners who are significantly under water to refinance to a better rate and reduce payment. The new guidelines of HARP has helped many homeowners to keep their homes instead of doing a short sale or foreclosure.

The lenders and investors receive a federal cash incentive for every HARP they approve. The government released guidelines to be eligible for HARP but in reality the guidelines may be adjusted by the lender. Therefore, HARP qualifications are lender specific. To find out if you are qualified for HARP, contact your existing lender first.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate. Tags: , .

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